Art Penn Quoted in GlobalCapital

Private credit CLOs could soon get squeezed

Tom Lemmon – GlobalCapital

“About 15 companies across our portfolio needed liquidity,” he said, suggesting that the real question is how would this be solved — should the equity or the lenders pay up? “I give credit to our monthly financial statements and our tight quarterly covenants so that in all 15 of art those cases, the private equity sponsors offered to put in the liquidity,” he added. “It got us to the table really quickly because those quarterly covenants were meaningful.”

PennantPark’s Founder and Managing Partner, Art Penn, was recently quoted in GlobalCapital. During his interview with Tom Lemmon, Art shares his perspective on the Private credit CLOs market environment and its impact on the broadly syndicated (BSL) market.